8) Define inflation
9) what is borter system
10) Define economic gros
the following in
marr
Answers
Answer:
8) Define inflation
Inflation is the rate at which the general price level of goods and services rises. This, in turn, causes a drop in purchasing power. This is not to be confused with the change in the prices of individual goods and services, which rise and fall all the time
9) what is borter system
Barter system was used in ancient times for the exchange goods. It was a system where one commodity, product or some goods was exchanged for another. ... This process was called a commodity for commodity exchange. Further, it was replaced by the monetary system
10) Define economic gros
the following in
marr.
Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.